Fully diluted MC is ~$100m. We also need to take into account the $8.5m cash that the Options will generate - so CAPEX is almost fully paid for already
In addition to that other external factors include:-
- the VERY real possibility of a JORC upgrade - subsequently increasing the NPV / IRR of the SS
- An upgraded SS to include Halloysite and very real possibility to expand not only Poochera but into other Projects such as MtHope.
In addition to the above, if the NPV was $400m and the MC was $400m.... you would be basically be giving all our other project a zero $ worth.... witch is definitely not the case (even recent EVN ann stated they achieved first mile stone for project expenditure in 12 months - when they had 24).
Basically.... this scoping study is based on one of our many project, so the value and MC of ADN should not be compared solely to just Poochera.
(20min delay)